Tighter Rules on Money Transfers Put Squeeze on Businesses


An Interamericana Express in Atlantic City. Mexico is the biggest destination for money transfers from the United States, according to estimates by the World Bank. CreditMark Makela for The New York Times

For years, Fernando Lopez’s storefront money-transfer business in Atlantic City was a place where local residents could wire money to family and friends abroad. But that business, Interamericana Express, which handled a lot of transmittals to Mexico, is dwindling as banks and regulators take a stricter view of cross-border money transfers.

Mr. Lopez’s business accounts have been closed several times in recent years by three different banks over money-laundering concerns despite his state license, hours of compliance training and binders full of rules and regulations. Since being dropped by the banks, he has operated his money-transfer business as an agent of MoneyGram International and Ria Money Transfer, depositing transfers in accounts at those companies. Banks will not take any of his money-transfer business directly…

Tighter Rules on Money Transfers Put Squeeze on Businesses

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